by The DNA sequencing market involves technologies and products used for determining the nucleic acid sequence of biological molecules such as DNA and RNA. DNA sequencing has applications in various fields including basic biological research, medicine, agriculture, forensics, and anthropology. Next-generation sequencing (NGS) technologies have revolutionized DNA sequencing by enabling sequencing of DNA at a very large scale within a short span. NGS platforms allow DNA sequencing of multiple genomes or even entire populations simultaneously in a cost-effective manner. Some key applications of DNA sequencing include whole genome sequencing, targeted re-sequencing, epigenetics, transcriptome analysis, and DNA variation analysis among others.
The global DNA Sequencing Market is estimated to be valued at US$ 6802.2 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Advancements in sequencing technologies have greatly expanded the applications of DNA sequencing. As mentioned in the heading, continuous innovation is driving demand for DNA sequencing technologies and analyses. For instance, third generation sequencing platforms are enabling long read and real time sequencing at higher throughput with low capital investment. Such technological advancements are finding wide usage in clinical settings for detection of mutations associated with diseases.
In addition, declining costs of sequencing have boosted research applications. With massive scaling down of sequencing costs in the past decade, whole genome sequencing has become a viable option even for basic research purposes like sequencing microbial genomes or reference human genomes. Lower costs combined with easier sample preparation protocols are together expanding the market potential. Moreover, sequencing analyses are also finding diverse applications beyond research and healthcare. For example, sequencing is used in agriculture, forensics, and anthropology among other fields. Overall growing applicability due to technological and cost improvements are propelling expansion of the DNA sequencing market over the forecast period.
Segment Analysis
DNA Sequencing Market is segmented into Instruments, Reagents & Consumables, and Services. The Instruments segment is dominating the market accounting for over 35% share as the DNA sequencing instruments forms the base for any sequencing activity. The demand for instruments is high due to continuous upgrade of technologies by the key players.
PEST Analysis
Political: Government funding for genomic research is driving the adoption of DNA sequencing technologies. Regulations also ensure protocols are followed during research activities.
Economic: Continuous decline in DNA sequencing cost is boosting the adoption across various application areas. Growth in healthcare spending also supports the market growth.
Social: Increasing awareness about personalized medicines and prevention of genetic disorders are key social factors influencing the market.
Technological: Advancements in NGS technologies, cloud computing, and data analytics are helping market players to develop upgraded versions with high throughput and accuracy.
Key Takeaways
The global DNA Sequencing Market Size is expected to witness high growth at a CAGR of 4.4% during the forecast period of 2023 to 2030. The global DNA sequencing market is estimated to be valued at US$ 6802.2 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.
Regional analysis: North America is the fastest-growing regional market for DNA sequencing due to huge investments for genomics research by both government and private organizations. The presence of leading players like Ferroglobe PLC, Elkem, and massive healthcare spending also contribute to its large market size.
Key players: Key players operating in the DNA Sequencing market are Ferroglobe PLC, Elkem, Mississipi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshino Silicon Industry Co. Ltd and Shin-Etsu Chemical Co. Ltd. These players are focusing on developing advanced sequencing technologies and partnering with research institutes to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
